KUALA LUMPUR: OSK Research has upgraded GUINNESS ANCHOR BHD [] to a Buy with higher target price of RM13.58 (from RM10.18) and said the company's FY11 earnings of RM181 million (+19% y-o-y) came in above expectations by 9%.
For the 4Q period, the lower margins and earnings contraction were due to some provisions for market restructuring, the research house said in a note Aug 5.
'Moving forward, we expect GAB to register positive volume growth with the Euro 2012 as a kicker for next year's beer consumption.
'We do not expect an excise duty hike in the upcoming budget. A final DPS of 44 sen was declared. We raise our FY12-13 earnings by 19-27% and upgrade GAB to BUY based on our remodeled FCFF valuation," it said.
For the 4Q period, the lower margins and earnings contraction were due to some provisions for market restructuring, the research house said in a note Aug 5.
'Moving forward, we expect GAB to register positive volume growth with the Euro 2012 as a kicker for next year's beer consumption.
'We do not expect an excise duty hike in the upcoming budget. A final DPS of 44 sen was declared. We raise our FY12-13 earnings by 19-27% and upgrade GAB to BUY based on our remodeled FCFF valuation," it said.
No comments:
Post a Comment